A bill to create a 3-year pilot program that makes small, nonprofit child care businesses eligible for loans under title V of the Small Business Investment Act of 1958.
Child Care Lending Pilot Act of 2009 - Amends the Small Business Investment Act of 1958 to allow proceeds of loans made through the Small Business Administration (SBA) to be used by certified local development companies to assist a small, nonprofit child care business if: (1) the loan is used for a sound business purpose approved by the SBA; (2) each business meets eligibility requirements applicable to for-profit businesses; (3) one or more individuals has personally guaranteed the loan; (4) each business has clear title to the collateral for the loan; and (5) each business has sufficient cash flow to meet loan obligations and reasonable operating expenses. Prohibits more than 7% of the total number of loans guaranteed in any fiscal year for certified development companies from being awarded under such program.
Introduced in Senate
Sponsor introductory remarks on measure. (CR S10992)
Read twice and referred to the Committee on Small Business and Entrepreneurship.
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